Bank of America cancels planned debit card fee

Charlotte ObserverNovember 1, 2011 

Facing continued pressure from consumers and big-bank competitors, Bank of America Corp. has eliminated its planned $5 debit card fee, the bank said today.

"We have listened to our customers very closely over the last few weeks and recognize their concern with our proposed debit usage fee," co-chief operating officer David Darnell said in a statement. "Our customers' voices are most important to us. As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so."

The Charlotte-based bank announced the fee, which would roll out early next year for some customers who make purchases with their debit cards, Sept. 29 in response to new regulations that cap the "swipe fees" merchants pay banks when customers use their cards.

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